Builders should deliver what they have promised, Minister for Housing and Urban Development, M Venkaiah Naidu today said, reiterating the fact that the Real Estate (Regulation and Development) Act that came into force from May 1, is aimed at protecting the homebuyer and fulfiling their dream of owning a house.
"I am not asking builders to do anything extra. Just do what you promised in prospectus like providing facilities, open spaces, water supply, timely delivery of projects – that is all. No harassment. Few black sheep in the sector has given the real estate industry a bad name. Regulation has become very necessary to take care of fly-by-night operators," Naidu said speaking at a press conference in Bengaluru today, a day after the landmark legislation came into force.
The Minister said that 14 states have notified the Rules. Karnataka will publish its Rules in 15 days.
"The Tribunal and the Regulator will be in place. This is important and we will ensure that dream of all Indians to own a house is fulfilled," Naidu added.
As per the latest update from the urban Development Ministry, 15 out of the 36 states and Union Territories have set up an interim regulator so far.
Speaking about Karnataka's affordable housing projects , Naidu said, "More than 18 lakh people have applied for affordable housing. Karnataka government is doing the verification work and applications of 4.7 lakh have been frozen so far."
Rs 642 crores have been released so far to build affordable houses in the state under the Pradhan Mantri Awas Yojana or Housing for All mission, the Minister added.